According to the latest data from AICoin, BTC continues its downward trend from yesterday, falling below $66,000, with over $40 million in liquidations within 24 hours. What does the future hold for BTC?
BTC Falls Below $66,000 Today, Over $40 Million in Liquidations
BTC's recent price has been fluctuating at high levels, showing multiple long upper shadows, indicating heavy selling pressure above.
Today (October 22), the candlestick chart formed a large bearish candle, followed by insufficient rebound strength, showing a correction trend. The MACD fast and slow lines on the 4-hour cycle continue to diverge downwards, with green bars expanding, indicating that bearish forces dominate in the short term. The RSI has fallen from the overbought zone and is currently around 40, showing weak market sentiment but has not entered the oversold zone.
Image Source: AICoin
Contract trading allows investors to leverage market volatility, amplifying its impact on investors. Whether bullish or bearish, when the market moves contrary to their predictions, the leverage effect can sharply increase the risk of liquidation. This high-risk trading strategy is particularly dangerous during market turbulence.
Market data shows that in the past 24 hours, the entire cryptocurrency market experienced $194 million in liquidations, with $119 million in long liquidations and $75.8653 million in short liquidations, of which the total liquidation amount for BTC was $44.7268 million.
The high amount of liquidations indicates significant volatility in the crypto market, with long liquidations notably exceeding short liquidations, suggesting that market participants may have greater expectations for price increases. However, the actual market trend contradicts participants' expectations, leading to substantial losses for bulls, reflecting a sharp change in market sentiment. This may be triggered by macroeconomic factors, market rumors, or major news events.
The cryptocurrency market itself is highly volatile, influenced by a combination of global economic conditions, policy changes, and market sentiment. In some cases, rumors and unverified news can quickly stir market fluctuations, leading to sharp price movements and large-scale liquidations.
Due to the unpredictability and high risk of the market, investors should remain cautious when engaging in contract trading, use leverage wisely, set stop-loss points, and conduct careful analysis of market information.
Multiple Experts Remain Optimistic About BTC's Future
Although BTC is currently experiencing a short-term decline and seems to have failed to break through, the technical indicator EMA120 still maintains an upward trend, indicating that the long-term trend remains bullish, and several experts are optimistic about BTC's long-term future.
Bitwise's Chief Investment Officer predicts that BTC will reach six figures faster than expected, stating, "We are heading towards a six-figure BTC." Matt Hougan, Chief Investment Officer of asset management company Bitwise, shared the latest outlook for Bitcoin on social media platform X on October 18, emphasizing that this cryptocurrency could reach six figures driven by a series of favorable market forces.
Image Source: X
Maria Carola, CEO of StealthEX, stated, "Geopolitical factors, such as the U.S. elections, Middle East conflicts, and the evolving global regulation surrounding stablecoins, could potentially bring significant unexpected market events (black swans) to the cryptocurrency market before the holidays. In November, Bitcoin may surpass its historical high and steadily grow towards the next important milestone—$100,000 per coin."
Michaël van de Poppe, founder of MN Consultancy, stated, "Whether Bitcoin sets a new historical high this month or next, the bull market has already arrived."
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